A global firm of business advisers has called for the creation of new Scottish banks, to “capitalise on consumers’ desire for more choice in the retail banking sector in Scotland.”

This comes after a survey by Deloitte found that 28 per cent of Scottish consumers would be willing to open a savings account with a non-traditional bank.

The survey, conducted by YouGov for Deloitte, showed almost one in three consumers in Scotland wished there were more banks to choose from on the high street - while 17 per cent have moved one or more of their banking relationships in the past 12 months.

However, new entrants will need to position themselves carefully to overcome concerns such as bank safety and must address specific customer service requirements. The findings show 18 per cent of Scottish consumers are more concerned about the safety of their bank than they were a year ago.

Dougie McAndrew, financial services partner at Deloitte, said: “New entrants have an opportunity to differentiate themselves in the Scottish market.

"Branch networks is a key priority for consumers and new entrants must take this on board.

“However, there is a fine balancing act that new entrants will need to master in order to differentiate themselves from traditional players whilst simultaneously addressing concerns around safety.

“Our findings suggest that consumers will look to more established and recognised brands who extend into banking, with one in ten saying they would be happy to bank with any large ‘household brand’.

“Consumers are also more likely to take out certain products such as savings accounts from new entrants, but remain cautious about committing to longer term products such as mortgages.”

McAndrew concluded: “Undoubtedly there is great potential for new entrants – but they will have to get their service offering spot on to take business away from the established players in the market.